I'm working fulltime on my startup, which is a B2B SAAS web product. It will store some business data - nothing important like sales/competitor data, but stuff a company still wouldn't like to have leaked out.
I have the option of either setting up the business as a sole proprietor or limited company. I don't imagine my revenue will go near 10k in my first year, so I won't pay any tax either way, which makes sole proprietorship more attractive in terms of cost savings (no/less time with accountant). I am worried about any sort of legal responsibility I would have to bare though.
Question: which is better for a small one-man SAAS startup with low expectations on income?
I have the option of either setting up the business as a sole proprietor or limited company. I don't imagine my revenue will go near 10k in my first year, so I won't pay any tax either way, which makes sole proprietorship more attractive in terms of cost savings (no/less time with accountant). I am worried about any sort of legal responsibility I would have to bare though.
Question: which is better for a small one-man SAAS startup with low expectations on income?